Oil Prices Remain at US$111, UAE's Withdrawal from OPEC Becomes an Issue
Jakarta, CNBC Indonesia - Based on trading data updates as of 1 May 2026 at 08:30, the movement in global crude oil prices shows a position that remains very solid in the market. The Brent crude oil price is currently recorded at 111.71 US$/barrel.
This position marks a slight adjustment compared to the previous trading session’s closing level of 114.01 US$/barrel.
Meanwhile, the West Texas Intermediate crude oil benchmark recorded a strengthening, standing at 105.69 US/barrel, upfromyesterday′sclosingpositionof105.07US/barrel.
From a technical analysis perspective, the price movement formed today indicates a fairly significant trajectory, bro. The price dynamics and recent increases are deemed to have successfully broken through the previous trendline resistance barrier that had restrained the movement.
The breakthrough of this trendline serves as a crucial technical indicator, as it has a high probability of maintaining crude oil prices to continue holding and consolidating at the current high levels.
The price’s persistence above that trendline also provides a more solid technical foundation to cushion potential short-term market correction pressures.
Global Oil Market Sentiments
The resilience of oil prices at upper levels currently is heavily influenced by dynamic sentiment analysis. In the short term, the market is coloured by very strong bullish sentiments due to the escalation of the war between the United States and Iran.
Although there are ceasefire efforts, discussions of a long-term blockade against Iranian ports in the Strait of Hormuz continue to be raised to pressure the country’s nuclear programme. US military operations have blockaded 42 commercial ship fleets, holding approximately 69 million barrels of Iranian crude oil worth more than 6 billion US Dollars.
In response, Iran’s military has stated full readiness to take swift military action if US forces continue to advance.
Russian President Vladimir Putin has also issued a warning that further military actions will bring destructive consequences to the region. Supply uncertainties due to this war escalation once pushed oil prices to their highest point in the last four years.
On the other hand, the commodities market is also facing structural bearish sentiments for the long term. This sentiment emerged following the United Arab Emirates’ decision to withdraw from the oil-exporting countries group per 1 May 2026.
This step was taken to maximise production capacity towards a target of 5 million barrels per day in 2027. The decision automatically eliminates the organisation’s strategic reserve capacity, thereby limiting their ability to stabilise global prices.
The threat from the flooding of efficient oil supplies from the United Arab Emirates triggers uncertainty sentiments that could lead to tight price competition in the future.